Is Palatine, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Palatine is a seller's market

Buyer's
Market

Difference Since May 2023

Since last year, Palatine has remained a Seller's Market.

Key Takeaway

Palatine is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Palatine, IL

How much do homes in Palatine, IL cost?

Median Sold Price

$322,050

$208/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$32,035(+11.0%)

Key Takeaway

Homes in Palatine have sold for 11% more than they did a year ago.

Summary: The median home sold price in Palatine was $322,050 in May 2024, up 11% from last year, and the median price per square foot was $208.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $127K$154K
+21.3%
2 $215K$250K
+16.3%
3 $338K$370K
+9.5%
4 $451K$499.9K
+10.9%
5+ $593K$603K
+1.7%

Summary: Palatine housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 21.3%, 2 bedroom homes increased by 16.3%, 3 bedroom homes increased by 9.5%, 4 bedroom homes increased by 10.9%, and 5+ bedroom homes increased by 1.7%.

Median Sold Price Compared To Nearby Cities

Palatine
+11.0%
Rolling Meadows
+9.9%
Palatine Township
+9.5%
Inverness
+3.6%
Deer Park
-2.7%

Housing Supply in Palatine, IL

How many homes are available in Palatine, IL?

Number of Homes For Sale

Apr 2024May 2024CHANGE
242283+16.9%

Summary: The Palatine real estate market had 283 homes for sale in May 2024, a 16.9% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 2621
-19.2%
2 86100
+16.3%
3 5478
+44.4%
4 5966
+11.9%
5+ 1718
+5.9%

Summary: The Palatine housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 19.2%, 2 bedroom homes increased by 16.3%, 3 bedroom homes increased by 44.4%, 4 bedroom homes increased by 11.9%, and 5+ bedroom homes increased by 5.9%.

Number of Homes Sold

Apr 2024May 2024CHANGE
8485+1.2%

Asking Price vs. Sold Price

21 Homes Were Sold
Under Asking

12 Homes Were Sold
At Asking

52 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Palatine, you could pay more than the asking price. 61.2% of homes here sold above asking price last month.

Summary: A total of 85 homes were sold or pending in Palatine in May 2024, up by 1.2% month-over-month. Of the 85 sold homes, 25% were sold under asking, 14% were sold at asking, and 61% were sold over asking.

Days on Market for Palatine, IL

How long does it take to sell a home in Palatine, IL?

Average Sale Time

May 2023May 2024CHANGE
13 Days10 Days-23.7%

Summary: Homes in Palatine had an average of 10 days on market in May 2024, down by 23.7% compared to last year.

Breakdown of Home Sale Times

78 Homes Were Sold
Under 30 Days

7 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Palatine are selling fast, if you're buying plan to act quickly.

Summary: During May 2024, 85 homes were sold in Palatine; 92% of homes were sold within 30 days, 8% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 16 Days Ago

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